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Why Are Dogecoin and Shiba Inu Price Crashing Over 25% Today?
Renowned meme cryptocurrencies Dogecoin and Shiba Inu price have illustrated an alarming drop as the week kicked off, primarily attributable to the broader market trends. Notably, SHIB price slumped to as low as the $0.000012 level intraday, whereas DOGE price plunged to the $0.2 level, sparking investor concerns. A stockpile of factors appears to be driving the current slumping action in the mentioned meme coins, including investor uncertainty and massive liquidations amid broader developments.
Here’s Why Dogecoin & Shiba Inu Price Are Slumping Over 25% Intraday
Mentioned below are some vital factors that appear to be fueling the leading meme coins‘ crash of over 25% in a day.
Trade War Speculations Trigger Crypto Market Crash Amid Trump’s New Tariffs
The global crypto market witnessed a crash recently as U.S. President Donald Trump announced new import tariffs, triggering speculations of a trade war. CoinGape reported that the 47th president announced new increased import tariffs on Mexico, Canada, and China, sending shockwaves across global markets.
In turn, even the crypto sector took a hit, with experts speculating over a looming trade war that can affect global markets. Simultaneously, despite Trump’s pro-crypto standpoint, the new tariff mover has conversely brought about a market-wide crash. Bitcoin dipped to as low as $91K, with altcoins bearing further heat. Even the meme coin sector followed the bearish trend, with DOGE and SHIB prices in a slump.
Dogecoin & Shiba Inu Price Take Hear Amid Heightened Liquidations
Simultaneously, massive liquidations amid the broader market uncertainty have added pressure on the meme coins’ prices. Coinglass data indicated that Dogecoin saw $87.12 million worth of liquidations in the past 24 hours.
Whereas, Shiba Inu saw nearly $7.5 million worth of liquidations intraday. These massive liquidations, bringing selling pressure to the asset, further align with the current price crash.
Futures OI On Decline Signal Reduced Market Interest
Further, Coinglass data has revealed that DOGE futures OI was down by 33% intraday, reaching $2.44 billion. Simultaneously, SHIB futures OI plummeted by a remarkable 46% intraday, reaching $155.01 million. Altogether, this data underscored diminishing market activity surrounding the meme coins, reflecting investor uncertainty amid broader market trends. This statistic is also one of the reasons for a price drop.
How Are The Tokens Currently Performing?
At the time of reporting, Shiba Inu price witnessed a 22% crash and is resting at $0.00001368. However, the coin’s intraday low and high were $0.0000123 and $0.00001764, underscoring a loss of more than 25% in a day. Notably, SHIB’s waning movement further falls in line with a nearly 100% decline in its intraday burn rate, as per the latest burn data.
Similarly, DOGE price followed, plunging 21% to $0.2394 intraday. Its 24-hour bottom and peak were $0.2117 and $0.3061, respectively. Market watchers continue to stay cautious surrounding future movements, reflecting uncertainty amid recent trends.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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